India's Basmati rice continues to be highly favored in international markets, leading to a 15% increase in exports this year. Between April and July of the current fiscal year, Basmati rice exports have surged to approximately $2 billion, compared to just $1 billion during the same period last year. This significant rise is attributed to the heightened demand from countries like Saudi Arabia, Iran, Iraq, and the United States.
Reports indicate that India exported around 1.915 million tons of Basmati rice from April to July this year, up from approximately 1.610 million tons during the same period last year, marking a 19% increase in volume. Satish Goyal, President of the All India Rice Exporters Association (AIREA), credited this growth to "strong" international demand. However, he also highlighted the need to remove the minimum export price of $950 per ton, citing improved rice availability.
Saudi Arabia has seen a notable increase in Basmati rice imports, with 381,000 tons exported between April and July, up from 303,000 tons last year. The export value to Saudi Arabia has risen by 19% to $421.76 million, compared to $353.16 million during the same period last year.
In Iraq, Basmati rice has emerged as the third largest export destination, with a 25% increase in volume, reaching approximately 281,000 tons from 224,000 tons last year. The shipment value has also risen by 19% to $285 million, compared to $239 million the previous year.
The United States has become the fourth largest buyer of Indian Basmati rice, surpassing Yemen. Exports to the U.S. have jumped by 42% to 90,568 tons, up from 63,700 tons during the same period last year. The value of exports to the U.S. has increased by 41% to $116.14 million.
